The Reason for the Shiba Inu (SHIB) Price Drop Today: Analysis

SHIB is experiencing a sharp pullback, but on the weekly chart it remains in the green.

Key support levels: $0.000014

Key resistance levels: $0.000020

1. SHIB Pullback in progress

After a strong performance last week, SHIB is experiencing a pullback. While this drop is significant, the chart still shows a 7% price increase over the past seven days. Ideally, buyers will return soon to help SHIB achieve a higher minimum.

TradingView chart 2. The uptrend remains intact

With good support at $0.000014, SHIB has an opportunity to continue further ahead. The biggest challenge is resistance at $0.000020. This level was tested in late September, but the bears held firm during this first breakout attempt.

TradingView Chart 3. Sellers dominated this week

If we look at the daily volume, we can see that sellers dominated four of the last seven days. The good news is that most of the selling pressure may be behind us and SHIB may begin to form a base from which to target current resistance again. A second test at $0.000020 could see the price break above.

Chart by TradingView

For more updates on the ecosystem, be sure to check out our Shibarium News.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!